Ghida Al-Sultan net profit down 59% to SAR 8M in 2023

28/03/2024 Argaam Exclusive

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Ghida Al-Sultan Co. posted SAR 8 million in net profit for 2023, down 59% from SAR 19.5 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	146.11	166.33	13.8 %
Gross Income	59.92	63.50	6.0 %
Operating Income	20.99	7.03	(66.5 %)
Net Income	19.47	8.00	(58.9 %)
Average Shares	3.20	3.20	-
EPS (Riyals)	6.08	2.50	(58.9 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	79.01	85.84	8.6 %
Gross Income	31.74	29.20	(8.0 %)
Operating Income	13.50	0.56	(95.9 %)
Net Income	12.32	1.76	(85.7 %)
Average Shares	3.20	3.20	-
EPS (Riyals)	3.85	0.55	(85.7 %)

Item	H1 2023	H2 2023	Change‬
Revenues	80.49	85.84	6.6 %
Gross Income	34.30	29.20	(14.9 %)
Operating Income	6.48	0.56	(91.4 %)
Net Income	6.24	1.76	(71.8 %)
Average Shares	3.20	3.20	-
EPS (Riyals)	1.95	0.55	(71.8 %)

The year-on-year (YoY) profit drop was ascribed to the increase in selling and distribution expenses of SAR 16.8 million and the decline in the gross profit margin as a percentage of sales by 3% due to higher rents and raw materials prices.

Revenues climbed by 14% YoY in 2023, driven by the 12% spike in average sales per branch and the expanded number of branches.

Shareholders' equity (no minority interest) surged to SAR 59.99 million, compared to SAR 51.75 million in 2022.

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